Arianna Huffington’s “Move Your Money” campaign — prompted by the huge growing gap between the fortunes of Wall Street banks and Main Street banks — continues to show that it has the capacity to cause a major power shift in our banking industry. “Move Your Money” movement — featured on CBS Sunday Morning — continues picking up steam.
Robert Johnson, who works with the Institute of Roosevelt, the progressive think-tank, where he helped craft the [“Move Your Money” campaign], says “all of us, collectively, do have money. And when we move our money, we’re voting with a different currency, and one that businesses pay attention to.”
He adds, “Taking money away from people who pay you zero, charge you 30% on your credit cards, hit you with all kinds of overdraft fees, and use the money to do say, proprietary trading and pay themselves huge bonuses and spent $400 million dollars on lobbying – Why would you want to inpower those people? ”
Seeing the high-flying, no-limits-casino banking culture that unfortunately still dominates Wall Street, The Huffington Post webmistres proposed a concrete set of steps individuals could take to help create a better and more reliable financial system. She came up with the idea of encouraging people to pull their money out of large banks and to put it into the more community-oriented banks and credit unions.
“If enough people who have money in one of the Big Six banks [Bank of America (BAC), Goldman Sachs (GS), Morgan Stanley (MS), Wells Fargo (WFC), JP Morgan (JPM) and Citigroup (C) ] move it into smaller, more local, more traditional community banks, then collectively we, the people, will have taken a big step toward re-rigging the financial system…These banks may be “too big to fail” — but they are not too big to feel the impact of hundreds of thousands of people,” Mrs. Huffington said.